($ thousands)
Period
	0	1	2	3	4	5	6	7
Net cash flow	14,500	1,674	3,137	6,513	10,724	10,175	5,947	3,459
Present value at 22%	14,500	1,372	2,108	3,587	4,841	3,765	1,804	860
Net present value =	1,091	(sum of PVs)

Restate the above net cash flows in real terms. Discount the restated cash flows at a real discount rate. Assume a 22% nominal rate and 8% expected inflation. NPV should be unchanged at +1,091, or $1,091,000. (Negative answers should be indicated by a minus sign. Do not round intermediate calculations. Enter your answers in thousands rounded to the nearest whole number.)

	Year 0	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7
Net cash flows (real)
Net present value	$